Technical Analysis
Good morning!
Bitcoin BTC (4h)
Even after the July expiry – with big open interest in derivatives – Bitcoin (BTC) is still trading in a range of 30'000 USD and 40'000 USD. Over the weekend, BTC attempted to break through the 42'100 USD level twice, and eventually returned to trading around 40'000 USD.
The short-term range of 36'000 USD and 40'000 USD is still valid, and a breakout through the major support and resistance levels would cause a major move. Breaking the 42'100 USD level would elevate the market towards 50'000 USD.
- Support: 29'600 USD
- Resistance 42'100 USD
Ethereum ETH (4h)
Market participants are keeping a close eye on Ethereum (ETH) as we approach Thursday’s highly anticipated London hard fork (implementation of EIP-1559).
A rotation out of BTC into ETH has occurred, and investors have been in favour of ETH over the past few days. ETH is likely to continue catching a bid higher as the week progresses. Over the weekend, ETH hit a near two-month high of approx. 2'700 USD.
- Support: 1'720 USD
- Resistance 2'850 USD
Ethereum/Bitcoin ETHBTC (4h)
ETHBTC has rallied from 0.60 to 0.066 in what appears to be the start of a new rotation out of BTC and into ETH. The near-term risk is that ETH will sell off later this week as the London hard fork goes live.
In general, there has been a huge demand for Altcoins – mainly for ETH.
- Support: 0.0560
- Resistance 0.0685
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